TRANSCRIPT:
TAPPER: "When do you expect the inflation to get back to the 2 percent range, which is considered normal? 2022? 2023? When?"
YELLEN: "Well, I expect that to happen next year. Monthly rates of inflation have already fallen substantially from the very high rates that we saw in the spring and early summer. On a 12-month basis, the inflation rate will remain high into next year because of what's already happened. But I expect improvement by the end of — by the middle to end of next year, second half of next year."
TAPPER: "Second half of 2022."